No Magic Formula To Special Servicers
Knowing to which laws and guidelines special servicers are beholden helps demystify their actions, Shlomo Chopp of Case Property Services tells GlobeSt.com EXCLUSIVELY.
Understanding the guidelines and restrictions of special servicers goes a long way toward working with them in distressed-assets situations, Shlomo Chopp, managing member of Case Property Services, tells GlobeSt.com. Case is a real estate turnaround company specializing in restructuring distressed CMBS assets.
“The challenge is most people don't know how to deal with the special servicers,” says Chopp. “There's not some kind of magic or anything mystical about it. There are specific guidelines they're beholden to: tax laws, trust documents, and the special servicer is very restricted in what they can and cannot do.”